Monthly Archives: May 2016

All audit evidence are deemed reliable. Audit evidence should be sufficient and appropriate. Auditor’s should acquire accounting records and reliable information. Compare different audit evidence: Outside sources evidence are more reliable than internally generated audit evidence because they are persuasive rather … Continue reading →

VAT Charateristic Indirect Tax – to be borne by consumers and the sellers are merely acting as tax collectors. It follows destination principle. It means that VAT will be imposed on transaction of goods or properties intended to be consumed … Continue reading →

Donor’s Tax Is not a property tax but one which is imposed on the transfer of property by way of gift intervivos. Not apply unless until there is a completed gift. Essential Elements; Capacity of the Donor Donative Intent Delivery … Continue reading →

Application of Estate Tax to Non Resident Alien: Only properties of non resident decedent situated in the Philippines are subject to Philippine Estate Tax. Determination of Gross Estate will depend whether there is reciprocity or not, if there is reciprocity … Continue reading →